Tag: socio-economic development

For more than half of all South Africans, Small and Medium Enterprises (SMEs) are the reason they are currently employed. This vast network of entrepreneurs, representing 98.5% of South Africa’s commercial enterprises, contribute 40% of the country’s Gross Domestic Product (GDP).

In South Africa, businesses are required to contribute to the social and economic development (SED) by the Broad-Based Black Economic Empowerment (B-BBEE) Act of 2003. This legislation stipulates the assessment of SED performance through a scorecard covering enterprise development, skills training, job creation, socio-economic projects, and preferential procurement.

Infrastructure has been named a top priority for South Africa over the next few years as we seek to bounce back from global economic shocks such as the pandemic and war in Ukraine and refocus attention on promoting socio-economic development. 

Samsung has retained its Level-1 B-BBEE status for six (6) years in succession. This is a true testament of Samsung’s 30-year commitment and the positive impact its continuous investment has had, to the country’s transformation agenda.

While the African banking market has seen withdrawal of global banks over the last 5 years, the opportunity for localised banking has seen the opposite, driven by the expansion of African banking groups into the continent, led mostly by South African, West African, and Northern African banks.

With over 13 years of working in the Broad-Based Black Economic Empowerment (B-BBEE) space, we have witnessed an evolving landscape of transformation. From verifying compliance to fostering inclusivity, his path has taken him from corporate corridors to government initiatives.

The Broad-Based Black Economic Empowerment Commission (B-BBEE Commission) has published a notice explaining how a complaint about fronting may be lodged and how it will respond. The B-BBEE Commission recently published an explanatory notice on its fronting investigations. It may investigate fronting on its own initiative or as a result of complaints received.

With a personal affinity for change management borne out of transformative events in my life, I have witnessed its power to shape attitudes, behaviours, and thinking. In the fast-paced world of business, change management emerges as the transformative force that ignites the mind, heart, and soul of organisations.

Since President Ramaphosa signed the Employment Equity Amendment Bill into law on 12 April 2023, there has been significant commentary - from positive to strongly negative - of the impact the amendments may have. Much of it has referred to Broad-Based Black Economic Empowerment (B-BBEE) changes when there have in fact not been any amendments in terms of B-BBEE.

As international attention shifts to Africa’s abundance of untapped mineral resources to support the renewable energy boom, global players must not be allowed to eat the continent’s lunch. Instead, it is time for local players to step into the fray and ensure that all mining and mineral beneficiation activities benefit local companies, communities and households, argues Dondo Mogajane, the former Director General of National Treasury and new CEO of the Moti Group.